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Tip Jul 2011 - "Tip: Update on IRS Revised Guidelines for Overseas Accounts"

Tip Jul 2011 - "Tip: Update on IRS Revised Guidelines for Overseas Accounts"

Tip Jul 2011 - "Tip: Update on IRS Revised Guidelines for Overseas Accounts"

Excerpt


Tip: Update on IRS Revised Guidelines for Overseas Accounts



The IRS has extended its deadline for U.S. taxpayers to enter a voluntary disclosure program regarding their offshore foreign bank accounts. The IRS decided to extend its initial Aug. 31 deadline by as many as 90 days to help taxpayers who are struggling to meet the deadline and who are making a good faith effort to report overseas income as part of the voluntary program. The 2011 disclosure program is a type of amnesty program for U.S. citizens living overseas who have foreign bank accounts, as well as taxpayers residing in the United States who hold foreign accounts. The IRS previously had taken a hard line on the program’s timeline, giving taxpayers no leeway on the Aug. 31 deadline. The revision might be a response to criticism from tax professionals who claim that their clients’ cases have been delayed because information has been passed from one agent to another without resolution.


 



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